President AKD proposed below legal reforms during his maiden budget speech among other proposals. The Act on the Exchange of Information between State Institutions. Investment Protection Act. State Business Enterprises Management Act. Public Private Partnership Investment Management Act. Statistics Act. Valuation Act. Public Asset Management Act. Public Procurement Law. Micro Finance & Credit Regulatory Authority…
Fitch Ratings: The Sri Lankan government’s budget highlights the authorities’ commitment to raising fiscal revenues as a share of GDP – an approach that, if successful, would alleviate a long-standing weakness in the sovereign’s credit profile, says Fitch Ratings. Nonetheless, risks to the fiscal outlook remain significant, and plans to slow the pace of fiscal…
Fitch Ratings-Hong Kong/London-18 February 2025: The US administration’s inclusion of a broad range of factors in its assessment of whether trade relations with foreign trading partners are fair and reciprocal will increase uncertainty over the scale of tariffs that could be introduced, and which markets could be affected, says Fitch Ratings. Sovereigns that have significant…
By Dr Manoj Thibbotuwawa and Dr Lakmini Fernando Public expenditure on agriculture as a share of total government spending has decreased from 6.4% to 2% between 2014 and 2023. The irrigation subsector receives most of the agricultural spending (41%), with subsidies accounting for a high 26%. Change to funding priorities necessary to address critical concerns….
By Prof. Samitha Hettige Chinese Astronauts (Taikonauts) in Shenzhou -19 recently simulated natural photosynthesis taking the human race one step forward on board China’s space station ‘Tiangong’. They for the first time produced oxygen & the ingredients for rocket fuel. Scientists believe that these are key steps essential for human survival & space explorations. 12…
The members of Tea Exporters Association (TEA) are concerned over the proposed abolition of SVAT from April 2025 as cashless SVAT system (Suspended VAT) provides exporters with a significant level of relief towards the constraints on their cash flow requirements to fund VAT payments on locally sourced inputs. The SVAT was introduced in April 2011 to…
By Emeritus Professor Asoka Nugawela (Department of Plantation Management, Wayamba University of Sri Lanka & Former Director, Rubber Research Institute of Sri Lanka) Sri Lanka earned 930 million US$ from the export of both raw rubber and rubber products in 2023. Out of that the major share, around 900 million US$, came from the export…
‘Custom’ is a way of behaving or a belief that has been established for a long time. It can also be the support given to a business by the people who buy products or services from it. ‘Customs’ is the place at a port, airport, or border where travelers’ bags are checked to find out if any items are being carried illegally. The fees paid at Customs are fees paid to the government when particular goods are taken from one country to another (Ref. Cambridge). Good &…
The index soars for the fourth consecutive month as economic indicators strengthen Recent upgrades by international rating agencies and healthy economic indicators have ignited a wave of optimism about biz prospects. Moody’s Ratings upgraded Sri Lanka’s long-term foreign currency issuer rating from ‘Ca’ to ‘Caa1’ with a stable outlook, after creditors approved the country’s US$…
By Rajul Sood, Managing Director and Global Head of Banking, Acuity Knowledge Partners As we step into 2025, the banking industry is faced with a number of changes, shaped by a convergence of modest economic growth, new monetary policies, and intricate geopolitical risks. While these elements pose challenges, they also offer unprecedented opportunities for innovation,…
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